BRIDGETON — A city tax preparer admitted Friday that he knowingly failed to report more than $300,000 diverted from his tax preparation service for personal use, according to U.S. Attorney Paul J. Fishman.

William Jones, 67, of Bridgeton, pleaded guilty in Camden federal court to one count of income tax evasion, a press release stated.

Jones admitted that he operated Your Financial Services and PLM Tax Services, out of Bridgeton, that provided tax return preparation and payroll services to clients.

Additionally, Your Financial Services provided refund anticipation loans by Refund Advantage — a company that processed income tax returns and provided refund anticipation loans for smaller tax offices, according to the release.

Because Your Financial Services was a Schedule C business, the release states, Jones was required to report income generated on his U.S. individual income tax return.

However, the release continues, between 2007 and 2010, Jones only reported the IRS Form W-2 wages, property tax information, interest and dividend income in which he omitted all of the diverted payments from Refund Advantage made to Your Financial Services.

Jones admitted that he deposited the business receipts into his personal bank account and spent it on personal expenses.

Jones also admitted that he diverted a total of $310,248 in gross receipts of Your Financial Services into his personal bank account.

Therefore, he would have owed the government $90,266 in taxes if he reported the additional gross receipts on his tax returns, the release states.

Jones can face a potential penalty of five years in prison and a $250,000 fine.